All Forum Posts by: Lian Shi
Lian Shi has started 17 posts and replied 77 times.
Post: Too much EMD required on Homesearch site
- Aberdeen, MD
- Posts 78
- Votes 9
Originally posted by @Wayne Brooks:
That's likely the EM for a cash offer, a financed offer will probably be less. What price range?
The price is $280k. And they require 10k EMD and it's up to the seller if it's refundable, so we were kind of feeling it's risky.
Post: Too much EMD required on Homesearch site
- Aberdeen, MD
- Posts 78
- Votes 9
Hi All,
We are currently interested in a property we found on Homsearch site. However, they require 10k for EMD, that seems way too high. And that's not negotiable. Can someone share their experience of buying from Homsearch site. Thank you,
Have a good Halloween weekend.
Originally posted by @Jay Hinrichs:
@Lian Shi I heard that some folks who do what your doing.. IE tie up HUD homes and really can't close them unless they find a buyer.. can get black balled and precluded from bidding.. some RE agents will file complaints on these folks.. have you heard that ?
I fund a bunch of hud type stuff for my clients but WE ALWAYS close unless something is wrong with the property and we walk..
I wonder if other buyers figure out you can't really close and just wait for your offer to expire then put in their own offer.. I suspect that could happen.. I mean why buy from you if they know you can't close just wait for it to come back on the auction block and buy it cheaper... ? I always wondered about that.
Yes. I totally agree with what you said. This is my first time buying from hud, and what I have learnt is that we do need to close the deals unless something is wrong the property like you said. So it is the best to own the property first and resale that's why double closing is needed.
Originally posted by @Jay Hinrichs:
@Lian Shi so you will only close if you can do a double close or assignment ?
If you can't close you walk from your Earnest Money deposit ? is that correct.
Hi Jay, with Hud homes, you always lose your EMD when you can't close.
Yes, you can close if you can do double close, however hud doesn't allow assignment. The double close is the way to go. I hope other members with more experience can verify this.
Originally posted by @Jay Hinrichs:
@Lian Shi are you going to close the house or let it go ?
Hi Jay, if any other buyer is interested, we will proceed it.
We put the offer on Hud two weeks ago, and accepted right away, the very next day we got multiple interested buyers for the property and one of them decided to get the deal at the same day. So excited. The buyer started to get his team work on it, inspection, run the rehab bits. We were about to get paid in a few days. Today the buyer told us he couldn't proceed the deal and need to back out because the area has been his concern. We understood. It's a great learning experience and our buyer is very kind and nice , he has taught us a lot.
It's a bit disappointing , but over all, the experience keeps us moving forward and we will stay positive always and never give up.
Post: Baltimore Maryland wholesalers
- Aberdeen, MD
- Posts 78
- Votes 9
hi Asron,
I'm from Baltimore area, please let me know if you have any question about this area and what are you looking for.
Thank you.
Post: Looking for CPA in Maryland
- Aberdeen, MD
- Posts 78
- Votes 9
Originally posted by @Linda Weygant:
I'll add my vote for @Brandon Hall. He's excellent at what he does!
Hi Linda
Thank you, I contacted Brandon and we will schedule a face-to-face meeting soon.
Thank you very much.
Post: Looking for CPA in Maryland
- Aberdeen, MD
- Posts 78
- Votes 9
Originally posted by @Natalie Kolodij:
@Brandon Hall in in Washington DC
Hi Natalie,
Thank you and I appreciated.
hi all,
Thank you very much for all of your info and advise. I went to the office and set up my LLC, it is fast even though there were a lot of people. It's $192 and they only take cash and check.
Thank you all again and have a great day.